Community Financial System, Inc. Files Q3 2024 10-Q

TL;DR

CFS filed its Q3 10-Q. Financials look steady.

AI Summary

Community Financial System, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the company, which operates as a national commercial bank. Key financial metrics and business activities are reported in this quarterly report.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational performance of Community Financial System, Inc., crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Numbers

• 64945000 — Other Assets (Reported value for 'OtherAssets' in the filing.)
• 0.0050 — Interest Rate (Reported interest rate, likely for specific financial instruments.)

Key Players & Entities

• COMMUNITY FINANCIAL SYSTEM, INC. (company) — Filer
• 20240930 (date) — Period of Report
• 20241112 (date) — Filed as of Date
• DEWITT, NY (location) — Business Address
• NATIONAL COMMERCIAL BANKS [6021] (industry) — Standard Industrial Classification

FAQ

Key Financial Figures

• $1.00 — ange on which registered Common Stock, $1.00 par value per share CBU New York St

Filing Documents

• cbu-20240930x10q.htm (10-Q) — 8219KB
• cbu-20240930xex31d1.htm (EX-31.1) — 15KB
• cbu-20240930xex31d2.htm (EX-31.2) — 15KB
• cbu-20240930xex32d1.htm (EX-32.1) — 6KB
• cbu-20240930xex32d2.htm (EX-32.2) — 6KB
• cbu-20240930x10q001.jpg (GRAPHIC) — 11KB
• 0001410578-24-001881.txt ( ) — 30762KB
• cbu-20240930.xsd (EX-101.SCH) — 76KB
• cbu-20240930_cal.xml (EX-101.CAL) — 91KB
• cbu-20240930_def.xml (EX-101.DEF) — 432KB
• cbu-20240930_lab.xml (EX-101.LAB) — 809KB
• cbu-20240930_pre.xml (EX-101.PRE) — 632KB
• cbu-20240930x10q_htm.xml (XML) — 9184KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Consolidated Statements of Condition September 30, 2024 and December 31, 2023 3 Consolidated Statements of Income Three and nine months ended September 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income (Loss) Three and nine months ended September 30, 2024 and 2023 5 Consolidated Statements of Changes in Shareholders' Equity Three and nine months ended September 30, 2024 and 2023 6 Consolidated Statements of Cash Flows Nine months ended September 30, 2024 and 2023 8 Notes to the Consolidated Financial Statements September 30, 2024 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 42 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 71 Item 4.

Controls and Procedures

Controls and Procedures 73 Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 73 Item 1A.

Risk Factors

Risk Factors 73 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 73 Item 3. Defaults Upon Senior Securities 74 Item 4. Mine Safety Disclosures 74 Item 5. Other Information 74 Item 6. Exhibits 75 2 Table of Contents

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements COMMUNITY FINANCIAL SYSTEM, INC. CONSOLIDATED STATEMENTS OF CONDITION (Unaudited) (In Thousands, Except Share Data) September 30, December 31, 2024 2023 Assets: Cash and cash equivalents (includes restricted cash of $ 5,110 and $ 0 , respectively) $ 346,110 $ 190,962 Available-for-sale investment securities, includes pledged securities that can be sold or repledged of $ 393,137 and $ 598,873 , respectively (cost of $ 3,203,694 and $ 3,301,607 , respectively) 2,885,943 2,919,992 Held-to-maturity securities (fair value of $ 1,276,676 and $ 1,121,816 , respectively) 1,319,050 1,172,174 Equity and other securities 82,558 73,146 Loans 10,251,674 9,704,598 Allowance for credit losses ( 76,167 ) ( 66,669 ) Loans, net of allowance for credit losses 10,175,507 9,637,929 Goodwill 852,493 845,396 Core deposit intangibles, net 5,797 8,159 Other intangibles, net 42,333 44,432 Goodwill and intangible assets, net 900,623 897,987 Premises and equipment, net 178,429 173,418 Accrued interest and fees receivable 50,815 54,534 Other assets 465,665 435,611 Total assets $ 16,404,700 $ 15,555,753 Liabilities: Noninterest-bearing deposits $ 3,586,845 $ 3,638,527 Interest-bearing deposits 9,889,326 9,289,594 Total deposits 13,476,171 12,928,121 Overnight borrowings 0 53,000 Securities sold under agreement to repurchase, short-term 317,448 304,595 Federal Home Loan Bank and other borrowings 630,970 407,603 Accrued interest and other liabilities 195,164 164,497 Total liabilities 14,619,753 13,857,816 Commitments and contingencies (See Note J) Shareholders' equity: Preferred stock, $ 1.00 par value, 500,000 shares authorized, 0 shares issued 0 0 Common stock, $ 1.00 par value, 75,000,000 shares authorized; 54,573,437 and 54,372,292 shares issued, respectively 54,573 54,372 Additional paid-in capital 1,069,258 1,060,289

View Full Filing

View this 10-Q filing on SEC EDGAR